Homebuilders Gain Despite a Dip in April’s New Home Sales

According to the report released by the Census Bureau and Department of Housing and Urban Development, sales of new single-family homes fell by 1.5% sequentially in April to a seasonally adjusted annual rate of 662,000. April’s slight monthly decline in new home sales was not much of a concern as it was taken as a slight correction. Shares of prominent homebuilders such as D.R. Horton Inc. (DHI – Free Report) , Lennar Corporation (LEN – Free Report) , Toll Brothers Inc. (TOL – Free Report) and KB Home (KBH – Free Report) escalated after the release. This reinforced the positive sentiment among homebuilders.


Source: Zacks

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